One of the key risks noted is that services price inflation is likely to remain stubbornly strong this year and could cause central banks to delay interest rate cuts.
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I posted earlier on another reason to be careful of high equity prices:
Following a rally above today’s high of 23.90 silver will have a chance to reach a target zone from 24.39 to 24.61. That zone completes a 61.8% Fibonacci retracement at the lower price level and matches the December 22 swing high at the higher level. Nevertheless, given today’s bullish signs, it would not be surprising to see silver bust through that price zone.
Smaller ABCD Pattern Targets 24.27
Also, a large rising ABCD pattern (green) is drawn on the chart with an eventual target around 27.14. Given today’s price action a second and smaller rising ABCD pattern (orange) has been added. You can see that the first target of 23.84 was reached today. The second target, which is a 127.2% Fibonacci extension of the pattern, is at 24.27. Higher still is the third target from the pattern at 24.81. That higher target is extending the CD leg of the rally by 161.8% of the AB portion of the advance.
Bullish Signals on Multiple Time Frames
This could be the beginning of a shift in silver and what the bulls have been waiting for over many months. Silver has the potential to eventually bust through the high of the past several years. There are a series of higher price levels to be aware of, each was a key swing high that was followed by a correction. The decline off the most recent swing high of 25.91 showed the least degree of correction after it was hit. Further up are 26.14 and 26.95. Once there is a daily close above 25.91, siler should be ready to tackle these higher price levels.
For a look at all of today’s economic events, check out our economic calendar.
Bitcoin’s financial footprint has expanded significantly, with its market cap now exceeding that of Meta (formerly known as Facebook).
This marks a significant moment in the digital asset’s journey, placing it just behind six of the world’s most substantial publicly traded companies, including tech giants and an energy titan.
The investment darlings
The unprecedented surge in Bitcoin’s market cap comes amid a broader rush of investments into tech stocks and cryptocurrencies.
According to a report from Bank of America Global Research, investors have recently injected the most capital into technology stocks since last August.
The investment landscape is notably tilting toward technology and cryptocurrencies, with inflows into tech stocks reaching $4.7 billion, as per BofA.
Stocks of the likes of Apple and Nvidia are on a trajectory for record annualized inflows.
The leading companies by market cap encompass a range of industries, with Microsoft at the top valued at $3.085 trillion due to its extensive software and cloud services.
Apple follows with a market cap of $2.711 trillion, thanks to its popular consumer electronics.
NVIDIA, known for its graphics chips, is valued at $2.188 trillion. The company has experienced enormous growth due to unprecedented demand for artificial intelligence.
Saudi Aramco, the state-owned oil giant, stands apart from the tech sector with a market cap of $2.023 trillion.
Amazon, with its vast e-commerce and cloud computing operations, is valued at $1.852 trillion. Alphabet, the parent company of Google, has a market cap of $1.662 trillion.
Despite a decline in new token creations, established memecoins on Solana are seeing significant price rallies.
The rivalry between Solana and Ethereum intensifies as memecoins become a key factor in onchain trading preferences.
A memecoin frenzy has once again pushed Solana trading volumes higher than those on Ethereum.
Solana generated $2 billion in volume while Ethereum generated $1.8 billion in the last 24 hours. The blockchain with the next highest volume generated was BNB Chain with $789 million.
Dexscreener, an analytics platform monitoring trading on decentralised exchanges, reports that within the top 20 trading pairs, Solana’s memecoin volume reached $178 million, surpassing Ethereum’s $138 million over the past 24 hours.
The top memecoins by volume in the last 24 hours on Solana are WIF, POPCAT, BONK, TRUMP and WEN. All of these memecoins, besides TRUMP, were launched over a month ago.
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Memecoins are cryptocurrencies that draw their inspiration from internet memes, pop culture phenomena, and trends that have gone viral.
This ongoing competition underscores a significant shift in onchain trading, highlighting Solana and Ethereum’s rivalry in becoming the dominant platform for memecoin trading.
This tug of war not only reflects the dynamic nature of cryptocurrency markets but also points to the growing influence of memecoins in shaping trading volumes and platform preferences.
The first time Solana surpassed Ethereum in trading volume was on December 14, and since then it has passed Ethereum’s volume on 11 different days.
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The usual suspects
While trading volumes during Solana’s boom in December were dominated by an influx of newly launched coins, mostly memecoins, this is no longer the case.
Newly created tokens on Solana in December peaked at 7,900, while today, only 2,500 new tokens were created on Solana. This shows that trading volumes on Solana are concentrated in already existing coins.
One memecoin that has made a dramatic comeback is dogwifhat, WIF, a memecoin created referencing a popular internet meme of a dog in a pink knitted hat.
WIF reached an all-time high on February 14 of $0.46 before falling 39% to $0.28 on February 23. Since then, WIF rallied 571% to reach $1.88 earlier today.
Another Solana darling memecoin, BONK, experienced similar price gains. BONK is up 51% on the day, reaching an all-time high of $0.000045, giving it a fully diluted valuation of over $3.6 billion.
Similar gains were seen with Ethereum memecoins last week, with some of those memecoins, like PEPE and DOGE, continuing their gains into this week.
UK Chancellor of the Exchequer Hunt (according to government insiders as reported by the FT) is said to be considering a two peak To the basic rate of income tax.
Income tax would cost 14B per year but to be funded by cutting future public spending plans
Hunt is also expected to extend for an additional year, the 5P fuel duty cut
This article was written by Greg Michalowski at www.forexlive.com.
Prominent economist and gold advocate Peter Schiff has issued a stark warning to investors of Bitcoin exchange-traded funds (ETFs), predicting a potentially grim future for those betting on the cryptocurrency’s ETF-driven rally.
According to Schiff, the surge in Bitcoin’s price, which recently saw the digital currency reclaim the $67,000 level amid growing hype around Bitcoin ETFs, could be setting up for a dramatic reversal.
Schiff argues that the ETFs are “the tail that wags the Bitcoin dog.” The ETFs have fueled Bitcoin’s ascent, but they could also lead to its downfall due to a potential mismatch in supply and demand when investors decide to sell.
The Bitcoin mania overshadows gold’s rally
As reported by U.Today, Schiff recently the media’s relentless focus on Bitcoin’s rally as a distraction from gold’s significant breakout above $2,100.
He argues that the cryptocurrency mania is preventing retail investors from recognizing the value in gold, a traditional safe-haven asset.
Schiff predicts that by the time Bitcoin’s bubble bursts and media attention shifts back to gold, retail investors will face much higher prices to enter the gold market.
This uber-bearish perspective offers a cautionary note to those swept up in the excitement surrounding digital currencies. However, it should be noted that most of Schiff’s Bitcoin price predictions have aged terribly.
Bitcoin’s ETF-driven price surge
Bitcoin’s recent price surge to $64,000, approaching its all-time high, has been largely attributed to the burgeoning interest in Bitcoin ETFs.
The BlackRock iShares Bitcoin Trust (IBIT) notably shattered records by amassing $10 billion in assets under management (AUM) in just seven weeks, a testament to the growing institutional demand for cryptocurrency exposure.
Moreover, Bitcoin’s halving event, which historically leads to a supply shock, has propelled the cryptocurrency’s value upward, capturing the attention of investors and analysts alike.
In a significant move poised to reshape the landscape of decentralized finance (DeFi), Ethena 2, in collaboration with the Aave Chan Initiative (ACI), has put forward a compelling proposal to integrate sUSDe, a synthetic dollar derivative, into Aave V3 on the Ethereum blockchain. This initiative is not merely an addition of another asset to the Aave platform but a strategic endeavor aimed at bolstering the liquidity and stability of the DeFi ecosystem at large.
Innovative Financial Mechanisms at Work
At the heart of this proposal lies the innovative financial mechanism of Ethena 2, designed to enrich the Aave ecosystem by enhancing its utility and unlocking new potentials for yield generation through sophisticated DeFi strategies. The synthetic dollar derivative, USDe, is a crypto-native stable value exchange solution, meticulously crafted to maintain its peg to the dollar despite the inherent market volatility. This stability is achieved through delta-hedging strategies, ensuring a delta-neutral position that effectively hedges the value of Ethereum collateral by minimizing market risk.
Strategic Partnerships and Market Adoption
The introduction of USDe’s staked version, sUSDe, into Aave V3 is set to expand the protocol’s functionality, offering a yield-generating asset backed by a robust economic model. The potential of sUSDe as collateral paves the way for innovative borrowing and lending approaches, mirroring those demonstrated by other stablecoins but with the added advantage of direct yield generation from the protocol itself. The proposal underscores the significant market acceptance of USDe, evidenced by its liquidity exceeding $100 million on platforms such as Curve. This widespread usage positions USDe as an ideal candidate for integration into Aave V3, given its established presence and utility within the DeFi sphere.
Navigating Associated Risks
While the proposal brings numerous benefits to the Aave ecosystem, it also conscientiously addresses the risks associated with introducing a new asset class, such as smart contract vulnerabilities, liquidity constraints, and market risks. Ethena 2 and ACI advocate for a cautious approach to scaling sUSDe integration, suggesting moderate Loan-to-Value (LTV) ratios and borrow caps as initial parameters. The future of this proposal is contingent upon community consensus, with plans to further the discussion through Aave’s governance stages. Should the community endorse the initiative, the proposal will progress to Snapshot voting, followed by a standard Aave Request for Comment (ARFC) process for comprehensive community feedback, culminating in an Aave Improvement Proposal (AIP) vote for final approval.
The collaborative proposal by Ethena 2 and ACI to integrate sUSDe into Aave V3 represents a pivotal step towards enhancing the DeFi ecosystem’s liquidity and stability. By leveraging innovative financial mechanisms and fostering strategic partnerships, this initiative promises to unlock new avenues for yield generation and broaden the utility of the Aave platform. As the proposal moves through the governance stages, it embodies the spirit of community-driven innovation that lies at the core of DeFi, setting the stage for a more resilient and dynamic financial landscape.
S&P index working on it 3rd consecutive record closing level
The S&P index is working its way back toward unchanged on the day. It currently is down -0.92 point or 0.02% . Recall from Friday, the index closed at a record level. A close in positive territory would be yet another record for the index.
For the NASDAQ index, it is down -31 points or -0.19% at 16243.47. Like the S&P, it closed at a record level on Friday. On Thursday was the first record close for the index going back to November 2021 (with a close above 16057.44).
DeFi came out big time this year at ‘best ETHDenver ever.’
Bitcoin advocate Robert F. Kennedy Jr. made his pitch for crypto-loving voters.
Interoperability is back as borders between crypto projects blur.
Crypto conferences are one of the few times investors get to see the faces behind the $2.5 trillion industry.
Among these exposures, ETHDenver is the biggest — last year saw 15,000 attendees from more than 115 different countries.
With an increasingly saturated circuit of crypto events spanning several continents, you might think attendees would be getting bored — not so. Creating a decentralised, permissionless, and scalable way to transact value is an iterative process, and no one knows that better than Ethereum’s faithful.
“It’s the best ETHDenver yet,” said many of the attendees I spoke to, ranging from crypto executives, to curious dabblers, and even some of my fellow journalists.
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Cleansing rally
Soaking up the vibe in ETHDenver, it’s hard to believe that just a few months ago crypto’s fortunes looked very, very different.
Plunging valuations, the FTX collapse, and a spate of costly hacks was causing even the most die-hard believers to question if crypto would come back.
But a rally has a way of wiping the slate clean. In the month leading up to the event, Ethereum experienced a 50% tear, taking the asset to its highest price since early 2022.
As a first timer at Spork Castle, the affectionately named main event hall, my only point of reference was EthCC, the biggest European Ethereum conference with limited tickets that cost upwards of $500.
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The free-to-enter ETHDenver had a decidedly more American feel.
The food on offer was sugary, greasy and gut-busting. Beers cost $15, and politics was ever present.
This year even commanded a much-hyped, and perhaps last minute addition of a press conference and fireside chat with independent presidential hopeful Robert F Kennedy Jr — or RFK Jr to many of his supporters.
So with the cool Colorado breeze in my hair, I ventured past the bomb-sniffer dogs and metal detectors to see what ETHDenver could tell me about the state of the crypto industry and those investing in it.
Kennedy comes to ETHDenver
When I found out there was to be an exclusive press conference with Kennedy at ETHDenver, my feelings were mixed.
Still, I couldn’t not go, it would be journalistic malpractice. And in the end, I’m very glad that I did.
On an unusually warm Saturday afternoon, Kennedy emerged from behind a black curtain in a back room of the conference, surrounded by several intimidating looking bodyguards with earpieces.
Robert F. Kennedy Jr. speaks to the press at ETHDenver. Photocredit: Tim Craig/ DL News (DL News)
His voice sounded frail and raspy, which I later learned was due to his spasmodic dysphonia, a voice disorder that gives his speech a strained quality.
Still, the presidential hopeful maintained his composure and it wasn’t long before he was drawing out laughs from the crowd.
One reporter offered a winding question about what Kennedy was doing to make himself a more appealing candidate to crypto supporters.
“Well, I came here,” he pointedly said in return.
When it was my turn to ask a question, I probed the candidate on his staunch environmental beliefs and support of Bitcoin.
When it was my turn to ask a question, I probed the candidate on his staunch environmental beliefs and support of Bitcoin, which, despite much improvement in recent years, still relies heavily on non-renewable energy.
To my surprise, his answer hit all the right talking points. He explained how sustainable Bitcoin mining can help subsidise green energy projects by monetising the excess energy. It was clear Kennedy’s understanding and support of crypto was more than superficial — he gets it.
However, immediately after, he dealt with a joke question about whether Bitcoin causes autism perhaps a little less well.
“Correlation does not equal causation,” he said.
“The science is still up for debate?” the asker said.
“Exactly.”
His response was clearly in jest. But the exchange and the topic reminded me of Kennedy’s previous track record of promoting public health conspiracy theories, something which many of his supporters at the event seemed desperate to overrule.
“He’s not anti-vax,” one volunteer at the Kennedy booth told me. “You have to think, did I hear him say that, or was it the mainstream media?”
From left to right, Paul Frambot of Morpho Labs, Devin Walsh of the Uniswap Foundation, and Sam MacPherson of Spark Protocol discuss how DeFi scales at a panel moderated by Tim Craig at ETHDenver on March 1. Photocredit: DL News
I asked why she and others had come to ETHDenver to campaign.
“People are fed up,” she said, drawing a broad comparison to the general malaise people in crypto have with the existing financial system.
An idea I heard several times during the conference was that the crypto-initiated and Kennedy supporters have a lot in common — they’re both offering an alternative to the existing order whether that be the two-party system in Washington or the monetary policies of central banks across the globe.
I wasn’t sure if RFK represented a real alternative. But judging by the amount of pin badge clad attendees, many at ETHDenver certainly did.
Younger generations want a plan B
Conferences like ETHDenver are renowned for their side events, lavish and often unofficial parties hosted by companies with excessive marketing budgets or crypto whales looking to flaunt their wealth.
Consensys, the company behind the popular crypto wallet MetaMask, invited me to their event, a modest happy hour at a local hotel bar.
One MetaMask employee, who said he was 50, brought up how he had struggled to get other people his age excited about crypto.
“They’ve had it too good for too long,” he theorised. The reason younger generations are interested, he said, was because they “need a plan B.”
Certainly, millennials are the primary owners of crypto, with a recent study revealing over 76% of crypto buyers were aged between 25 and 40.
Millennials, the most populous generation in US history, are also enduring slow wage growth, unaffordable housing, and soaring prices due to emergency spending during the pandemic.
After the event, I was invited to a semi-secret Consensys house party, which I was assured would be a wild time.
I’d heard rumours that the night before members of the Bitcoin maximalist crowd — crypto fans who denounce all other cryptocurrencies except Bitcoin — had hosted their own raucous house party where attendees reportedly dyed their hair orange and got spur-of-the-moment Bitcoin tattoos.
But at Denver’s 6,000 foot elevation, alcohol hits a bit harder than you’re used to, so after three drinks I decided to call it a night.
ETHDenver, or everyone Denver?
Like the broader crypto ecosystem, the lines between different projects are becoming increasingly blurred. And ETHDenver, which started in 2018 as a close-knit event for Ethereum’s diehard fans and builders, is also following this trend.
Projects like Solana, Polkadot, which have both been lauded as “Ethereum killers” in the past had pitched camp on the booth floor and hosted official ETHDenver events.
Their presence, I thought, reflected the push towards interoperability happening within the broader blockchain ecosystem.
Chains such as Solana and Ethereum, which used to be closed off from each other due to their different software implementations, are now easy to transverse between thanks to specialised protocols like Wormhole, LayerZero, and Axelar.
So it only made sense that I should be able to chat with the team behind top Ethereum layer 2 blockchain Arbitrum and then find Solana developers right around the corner.
Ever-present tribalism
My inner cynic knows the reason for so much diversity at an Ethereum conference was purely financial. As long as a project has got the dough, they can buy as many booths and sponsorships as they want.
But at the same time, I wondered if the situation also had some positives, and that it might be helping to break down the ever-present tribalism and feuding between different blockchains and DeFi protocols.
Then again, Denver is a city where you can’t walk two blocks without a waft of cannabis invading your nostrils, so it could’ve just been that.
Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.
WTI crude oil prices declined on Monday following OPEC+’s decision to extend voluntary output cuts into the second quarter, aiming to stabilize short-term crude markets. OPEC+ will maintain the 2.2 million barrels per day reduction, with Saudi Arabia continuing its 1 million barrels per day cut, keeping its production around 9 million barrels per day.
Despite this, energy strategist Walt Chancellor suggests the market had anticipated the extension, thus limiting its impact. Russia, another major player in OPEC+, will also cut its production and export supplies. The decision reflects OPEC+’s commitment to maintaining oil prices above $80 per barrel, amid concerns over weaker than expected demand in the upcoming quarter. This comes despite factors like OPEC+ supply cuts and geopolitical tensions that have kept oil prices within a narrow $75 to $85 range since the year’s start.
Technically, today is the first lower day in five and only the fourth in a month so bullish traders aren’t too worried about the setback. Holding above the 200-day moving average or long-term trend indicator at $76.66 is helping to put bullish traders at ease.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/dlnews/MRC7T57VKVDS3L5GUULY35CCFY.jpg "Overnight 8m memecoin revival sends Solana trading volume above Ethereum – DL News")
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/dlnews/SIQA6CSORRA6RP2H7CTD2FPYHI.png "DeFi community gets buzzed at ETHDenver on interoperability and Kennedy – DL News")
